Interest on housing loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 Self and Spouse are co owners of a self occupied property wherein the spouse has contributed 90% of equity as against self contribution of 10%. However EMI on Loan is being shared equally.
Both are Joint applicant to the loan, working and with independent source of income. Interest portion for EMI for current FY 11-12 (AY 12-13) is 3.60lakhs

Query: What is the ratio in which can each of us share the interest on self occupied property: 50:50 or 90:10

Aijaz Shaikh

Aijaz Shaikh (Expert)
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09 December 2011 Deduction u/s 24 & 80C is based on ownership, if ownership agreement provides the ownership in ratio of 90:10.

Deduction will be availaible as follows:-
1 Case:
Ownership-90%
if Rs. 100/- is paid by each Rs. 90 will be availaible

2 Case
Ownership-10%
if Rs. 100/- is paid by each Rs. 10 will be availaible